Universal Property Development and Acquisition Corporation Reports Record Revenues for Third Quarter 2007

Universal Property Development and Acquisition Corporation (OTC BB: UPDA), (FWB: UP1) has reported its financial results for the Third Quarter ended September 30, 2007. In the Form 10-QSB the Company has filed with the SEC, UPDA demonstrates the continuing success of its business plan with an exponential increase in revenues and the near tripling of its total assets. Corporate & Financial Highlights on September 30, 2007 Total Revenues for Three months ending Sept 30, 2007 Increased to a Record $ 12,268,323 from $ 141,217 an increase of 8688% Total Assets for Nine Months Ended Sept 30, 2007 Increased to $ 22,765,219 from $ 6,296,358, an increase of 270% Total Stock Holders Equity for Nine Months Ended Sept 30, 2007 Increased to $ 6,666,031 from $ 2,825,677, an increase of 236% Natural gas sales. For the three months ended September 30, 2007, natural gas sales revenue was $446,880 compared to $ 35,528 for the same period during 2006. This was a record revenue increase of 1258% which was a result of increased production from UPDA’s Texas subsidiaries and the acquisition and expansion of Heartland Oil and Gas Corp. (OTC BB: HTOG) (FWB: HOCA). Oil & Condensate sales. For the three months ended September 30, 2007, oil and condensate sales revenue was $11,817,460 and compared to $ 105,689 for the same period during 2006 an increase in revenues of over 11,000% for this segment. This record expansion was the result of ongoing production from the wells in the Canyon Creek and Catlin subsidiaries as well as the acquisition and growth of condensate sales revenue from UPDA’s Continental Fuels, Inc. (OTC BB: CFUL) (FWB: CIQB) subsidiary. "We continue to focus on expanding revenues and the accumulation of assets as we build an integrated energy holding company with subsidiaries concentrating on particular segments of the industry,” reports UPDA Vice President Chris McCauley. "While there are significant capital expenditures and integration costs associated with this growth, Continental has already reported operating income less than 6 months after acquisition by UPDA and Heartland’s drilling program is showing impressive results in a very short period of time. As these subsidiaries mature and UPDA continues the execution of its business strategy, we expect further success to result.” About UPDA Universal Property Development and Acquisition Corporation is focused on identifying oil & gas companies with proven energy reserves and innovative alternative energy companies with proven technologies. Once identified, the viability and potential of the targeted company is subjected to a rigorous multi-step review and investigation. First, the potential company's financial records, legal standing and geological or technological potential are thoroughly examined by the UPDA Due Diligence Committee. If the candidate passes this test, a recommendation is made to the Acquisition Committee which conducts initial negotiations and presents its conclusions to the CEO and Board of Directors who will secure the acquisition. Once the acquisition process is complete, the acquired company becomes a subsidiary of UPDA and the incubation process begins. UPDA provides the subsidiary with financial, legal and scientific support in order to develop its assets and perfect its innovations allowing its management to concentrate on its business plan and operational objectives. Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.